Property Type Office
Date January 19, 2016
George Mitsanas and Tim Storey, Principals of Gantry, working on an exclusive basis, arranged a four year bridge loan for a repeat borrower.
George Mitsanas and Tim Storey, Principals of Gantry, working on an exclusive basis, arranged a four year bridge loan for a repeat borrower. The loan carried a variable rate and was non-recourse. The loan included a provision for “good news” funds to cover tenant improvements and leasing commissions as new leasing occurs. The loan was funded by a large national bank.
The property is a 150,900 square foot, three-story, Class B office building located along Scottsdale Road in the heart of Scottsdale, Arizona. The property was 70% leased at closing. The subject was constructed in 1985 and features brick-clad exterior and wide open courtyards with generous amounts of shade, landscaping, and sitting areas that are spread throughout the courtyards. Parking is provided to the property via a subterranean parking garage.
Gantry is a full service mortgage banking firm with a strong lineup of correspondent lenders utilizing Gantry’s production, closing and servicing capabilities. Established in November 1991, Gantry is currently staffed by over 50 employees in regional offices throughout the western United States. The company services over $6 billion representing 800 loans. Gantry has been rated as a Primary Servicer by Standard and Poor’s and is one of a select few non-banking / non-insurance chartered companies with this designation.
For more information on this transaction, please contact George Mitsanas at 310-846-5299, Tim Storey at 602-374-7854, or Michael Heagerty at 415-956-9854.